Show Recommended textbook solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Principles of Economics8th EditionN. Gregory Mankiw 1,209 solutions Principles of Macroeconomics5th EditionN. Gregory Mankiw 446 solutions Managerial Economics and Business Strategy8th EditionJeff Prince, Michael Baye 326 solutions What does it mean if the price elasticity coefficient is less than 1?E is al-ways negative: if the absolute value of E is greater than one, demand is said to be elastic; if exactly equal to one, unitary price elasticity prevails; if less than one, demand is said to be inelastic.
When price elasticity of demand coefficient is less than 1 the demand is?Inelastic demand: A coefficient answer less than 1 means the product has inelastic demand. Inelastic demand indicates that the product's demand changes less than the price changes.
What is relatively less elasticity of demand?4. Relatively Inelastic Demand. In a relatively inelastic demand, the proportionate change in the quantity demanded for a product is always less than the proportionate change in the price. For example, if the price of a good goes down by 10%, the proportionate change in its demand will not go beyond 9.9..
When the price elasticity of demand is greater than 1 demand is?If the price elasticity of demand is greater than 1, it is deemed elastic. That is, demand for the product is sensitive to an increase in price.
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When demand is relatively price the coefficient for the price elasticity of demand will be less than one?
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